Morgain cuts gold in Mexico

Toronto-based Morgain Minerals (MGM-V) has drilled several long gold intersections at its new San Francisco mine property, near Cucurpe in Mexico’s Sonora state.

The junior has received assay results from 11 reverse-circulation holes, two trenches and seven underground crosscuts of a polymetallic mineralized zone.

The drill holes targeted the main mineralized zone over a strike distance of 600 metres and a vertical depth of 320 metres. The zone was mined for gold between 1900 and 1912 and, until Morgain’s campaign, had never been drilled.

The best hole, No. 11, intersected 70.1 metres (from 105 metres) grading 2.69 grams gold per tonne, 5 grams silver per tonne, 0.3% lead and 1.02% zinc, with the intersection’s true width estimated at 35 metres. The lower 15.3 metres of this intercept graded 6.81 grams gold, 9.1 grams silver, 0.35% lead and 1.16% zinc.

Other highlights include: 16.8 metres (from 45.7 metres) of 3.1 grams gold, 20.7 grams silver, 0.15% lead and 0.33% zinc in hole 1; 15.9 metres (from 91 metres) of 2.34 grams gold, 5.1 grams silver, 0.31% lead and 0.72% zinc in hole 2; and 33.5 metres (from 60 metres) of 1.28 grams gold, 50.9 grams silver, 0.5% lead and 0.93% zinc in hole 6.

Morgain says mineralization similar in grade and width to hole 11 exists in the shaft area, where drilling is under way.

All the holes encountered oxide mineralization, while a mix of oxides and sulphides is evident at the 305-metre level in the shaft area, near the water table. Another hole will test the high-grade zone in the shaft area just below the water table for the depth continuation of the vertically dipping mineralization and for supergene accumulation of silver at the water table level. Morgain holds a 75% working interest in the San Francisco mine property, with the remainder held by Toronto-based Columbia Metals Corporation (COML-C).